Buying a home in New York is thrilling, but the closing process can take some of the thrill out of it for anyone. That closing contract is a huge stack of legalese, so your Long Island, NY closing attorney will break down the key things to understand before you sign on the dotted line.
Even After the Contract, Things Can Change
When you make an offer on a property, it leads to a purchase contract. It’s important to realize that even after this step, though, things can and do change. Inspections might throw up issues, title searches can reveal problems, and financing matters can arise. Make sure to work with an experienced closing attorney in Glen Cove, NY throughout these negotiations, as they’ll ensure your interests are protected.
Inspections Mean a Lot
A property inspection is your chance to assess hidden repairs and issues, so don’t forgo inspections just to speed up the process. Your attorney can advocate for any necessary fixes the inspection turns up or for getting you credit towards closing costs, or even, in some cases, allow you to renegotiate the purchase price.
Understand Your “Contingencies”
Contracts usually have specific “contingencies,” which are conditions that must be met to move forward. Common ones include a satisfactory appraisal, getting mortgage approval, or the successful sale of your current home. These aren’t just there for your protection, so know exactly what they say and the deadlines involved. Miss a deadline and you could be in breach of contract.
You Need That Title Search
Your lender requires a title search to ensure a property has “clear title,” meaning there aren’t outstanding liens, encroachments, or surprise ownership claims that will come back to haunt you. It may seem like legal jargon, but any discovered title defects can derail the entire closing. Your attorney will explain and resolve any title issues that come up so there are no unexpected headaches.
Closing Costs Go Beyond Down Payment
Many buyers focus on the down payment, but there are substantial closing costs to prepare for, too. These vary but often include mortgage-related fees, taxes, and other expenses. Your attorney can advise you on a realistic range of what to expect. Don’t let surprise costs at the finish line trip up your budget.
Get Professional Help from Chiariello & Chiariello
New York closings have some unique hurdles compared to other states, but the expert attorneys at Chiariello & Chiariello have 50 years of experience helping the people of Long Island and the rest of New York City get into their new homes. We’ll make sure your transaction is smooth and stress-free. We know the New York market inside and out, and we’ll carefully review every aspect of your closing contract to safeguard your interests.
Don’t wait until the last minute; contact Chiariello & Chiariello today in Long Island or anywhere in New York City to get the guidance you need so you can purchase your New York dream home with confidence.
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